Anthropic is expected to IPO at $2 trillion. This should excite ASX AI investors.

The Anthropic valuation now being floated ahead of the company's expected October IPO is a difficult number to process.

Investors in the artificial intelligence company reportedly expect it to list at more than US$2 trillion.

That is roughly A$3 trillion at current exchange rates, and the IPO would rank as the largest initial public offering ever completed.

Although the Anthropic IPO may seem far away for many Australians, there are reasons for ASX investors to be excited. Here's why.

What is driving the Anthropic's IPO valuation

Anthropic last raised capital at a US$965 billion post-money valuation in May. Just three months later, the company's backers now expect roughly double that when the company floats.

The argument is related almost entirely on revenue growth.

Annualised revenue was above US$47 billion in May, and investors expect somewhere between US$100 billion and US$120 billion by December.

That would represent more than tenfold growth in a single year.

Two caveats should be highlighted.

The first is that this Anthropic valuation is an investor expectation rather than company guidance.

Anthropic filed with the US Securities and Exchange Commission in June and has been in a quiet period since.

Senior executives reportedly have not settled on a target figure at all.

The second caveat is that you may not be able to buy Anthropic shares through an Australian brokerage account.

Where the ASX link becomes clearer

Macquarie Group Ltd (ASX: MQG) confirmed on 10 August that Macquarie Asset Management had partnered with Anthropic and Singapore's GIC to establish Theseus Infrastructure.

The platform will develop, own, operate, and lease data centre capacity to Anthropic under long-term agreements.

Macquarie and GIC will fund the majority of the equity for each project, whilst Anthropic becomes the anchor tenant at each site.

The initial focus is the United States rather than Australia. But even so, this is a commercial relationship between an S&P/ASX 200 Index (ASX: XJO) company and the most anticipated IPO candidate on the planet.

Why the Anthropic IPO is important for ASX data centre shares

The second-order effect runs through Australian infrastructure.

Anthropic was reported in July to be running a confidential tender for at least 1.4 gigawatts of Australian data centre capacity.

NextDC Ltd (ASX: NXT) was named among the operators approached.

No award had been announced as at 13 August, so treat this as optionality rather than contracted backlog.

The company itself is performing well. NextDC reported pro forma contracted utilisation of 740MW at 30 June 2026, an increase of 11%. Its pro forma forward order book has expanded to 565MW.

Another ASX company with data centre exposure, Infratil Ltd (ASX: IFT) offers exposure through its roughly half-share in CDC Data Centres.

CDC's independent valuation climbed A$3.5 billion in a single quarter to a midpoint of A$18.5 billion.

Infratil chief executive Jason Boyes has called demand for efficient AI infrastructure "the investment opportunity of a lifetime".

Goodman Group (ASX: GMG) is further upstream again.

Data centres now account for 73% of its development work in progress, and its global power bank has reached 6.4 gigawatts across 16 cities.

Grid access has become the binding constraint on data centre construction worldwide. As such, securing power years in advance is not something a competitor can replicate quickly.

Foolish takeaway

No Australian investor can buy the Anthropic IPO on the ASX.

What ASX investors can own is the infrastructure layer that companies like Anthropic must lease, rent or commission.

For example, Macquarie has now attached its name to that trade directly.

The risk sits in the same place as the opportunity.

Every one of these businesses is priced for years of flawless delivery, and a cooling AI capital cycle would hurt all four at once. After all, contracted capacity is not the same thing as delivered earnings.

I would rather own the picks and shovels than chase the listing, but only at a price that leaves room for the buildout to disappoint.

The post Anthropic is expected to IPO at $2 trillion. This should excite ASX AI investors. appeared first on The Motley Fool Australia.

Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group and Macquarie Group. The Motley Fool Australia has recommended Goodman Group and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026